201201745 - Laserfiche WebLink

Browse

201201745 eonrinue to pay to Lender the ainount of the separately designated payments fl�at were due when the incurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insuxance. Such loss resen�e shall be non-refwidable, notwithstanding the fact that the Loan is ulti�nately paid in full, and Lender shall not be required fo pay Borxower u�y interest or eamings on such loss reseroe. Lender can no long�requixe loss reserce pa5mients if Mortgage Insurance coverage(in the amount and for the petiod that Lender requires)provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately desi�ated paymen�a to�vaid the premiucns for Mortgage itvsprance, If Lender iequired Mortgage Insivance as a condition of making the Loan and BorroR�er was rc;quwred to make separatcly designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the prcmiums required to maintain Mortgage Insurance in effect, or to prot�ide a non-refundaUle loss reserve, until Lender's requireinent for Mortgage Insurance ends in accorckwce with any written agree�nei�t betc�een Borrowcr and Lender providing for such terunnaaon or until terminarion is required by Applicable Law. Nothing in this Sectiqn 10 affects Borrower s obligation to pay interest at the ratc pmvided in the Note. Mortgage Tnsurance reimburses Lendes (or any entity that purchases the Note) for cerCaii}losses it may incur if Borrower does nof repay the Loan as agreeeL Borrower is not a pazty to the Mortgage Insurance. Mortgage insurers cvalnate theu total risk ou all sucti insurance in force from time to tuue, and may enter urto aareements with other pariies that share or modify their risk, or reducc loss�. Thesc agreeinents are on teru�s and condifions that aze satisfactory to the mortgage insurer and the othzr pazty(or parties)to these agecinents. TL1ese agreements inay require the mortgage insurer to make payments using any source of fixnds that the mortgage instuer may have available(which may inclnd�fimds obtained from Mortgage Insw�ance prexnituns). As a result of fhese agrecments, Lender, any purchaser of the Note, another insurer, any reinsurer, any othzr enLity, or any af'filiaCe of any of the�oregoing, may receive(directly oc indirecfly) amounfs thaT derive from (or might be characterized as) a portion of Bonower's payments for Mortgage Insuiance, in exchxnge for sharing or modifying the mortgage insurer's risk, or reducuig losses. If such agreeincnt provides that an affiliafe of Le�ider Yakes a ghare of the insurer's risk in exchange for a share of Yhe previimns paid to th� insurer, the arrangement is often termed"captive reiusurance." Further: (a) Any such agreeYnents will not affect the amounts that Borrower has agreed to pay for NIortgage Insurance, or any other terms of the Loan. Such agreements will not increase the amount Borrower witl p�ve for Mortgage Iusurartce, and Chey�vill not enSfle Borrower to anp refund. (b) Any such agreements will not affeet the ri�hts Borro�s�er has-if any-with respeet to the Mortgage Insiirance under the Homeoit�ers Protection?,ct of 1998 or any other law. Thesc rights mmy include the right to receive certain disclosures, 4o reqnest and obtain cancellation of the Mort�age Iusurance, to have the Mortgage Insarance terminated automatically, and/or to receive a refwnd of Any Mortgage Insurance preminms that were�me:trned at Che time of such cancellation or termination 11. Assignment of M iscellaneous Proceeds; ForFeiture. All MiscellaneoL�ti Proceeds are hereby assi�,ed to aud shall be paid to Lender. if the Proper4y is daznageci such Miscellaneous Proceeds shall be applied to restoration or repair of the Properiy, if the restorarion or repair is econoxnically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall liave the right to hold such Miscellaneotu Proceeds Lmtil Lender has had an o�oitunit�r to inspect such Property to cnsure the work has been wmpleted to Lender's zaaooass NFERASICA-Single Family-Fannie Nae/Reddie Mac IJNIFORid MSTRUM ENi Form 3028 1l01 VM P� VM R6(N�(1�OS) WnitBrs Kluwer Flnarzcfal Services PeBe y oq��